The Philippines incurred a slimmer trade deficit of $3.92 billion in June 2023 compared to $5.88 billion a year ago, as exports rose 0.8 percent while imports tumbled 15.2 percent, data from the Philippine Statistics Authority showed Tuesday.
It said total external trade in goods amounted to $17.32 billion in June, an annual decline of 9.6 percent from $19.17 billion in the same month last year. Of the total external trade in June, 61.3 percent were imported goods, while the rest were exported goods.
Export sales in June amounted to $6.70 billion, up from $6.64 billion a year ago. This brought total exports in the first six months of 2023 to $34.94 billion, down by 9.3 percent from $38.54 billion a year earlier.
Merchandise imports shrank 15.2 percent in June to $10.62 billion from $12.52 billion, led by lower costs of petroleum products.
Total imports in the first half of 2023 also fell 8 percent to $62.90 billion from $68.38 billion in the same period last year.